Use Stimulus Money for Down Payment – New THDA Loan
Posted on | April 30, 2009 | 1 Comment
Between now and November 30th you may be able to borrow against the first time home owner credit, up to $7,000, and use this money for your down payment and closing costs for a home with the new and limited time frame stimulus loan from THDA. You must be a first time homeowner, which means you are not on any deed to a property and have not owned a home in the past 3 years. There are dome other hoops you must go through and qualifications you must meet.
One of the hoops is to complete the First Time Home Owners Education Class put on by THDA and to sign a second mortgage against the home for the $7,000. This is an interest free loan AS LONG AS YOU PAY IT BACK ONCE YOU GET THE FIRST TIME HOMEOWNERS CREDIT BACK ON YOUR TAXES. If you don’t pay back the loan it is a pretty steep interest rate and payment schedule. You must also meet all the other income requirements and qualify for a Great Rate THDA loan and work with a qualified THDA lender.
It’s a great way to get some down payment money if that is all you lack to making your home ownership dreams come true!
Comments
One Response to “Use Stimulus Money for Down Payment – New THDA Loan”
Leave a Reply
September 1st, 2009 @ 7:47 am
Yes i try for a FHA loan because i was told that i had to be out of my chapter13 4 yrs before i can get a thda loan i have been out for 2yrs and ok what i need to know is can i still apply for this down payment assistance if my loan is going to be FHA i just need 2000 dollars to finish my down payment im suppose to close to close on the sept 10th